Wynn Pulls Application For Manhattan Casino: Retail Mood Stays Dim

Wynn Resorts (WYNN) has pulled its joint application with real estate developer Related Co. for a casino license in New York.

The casino and resort operator said it is seeing increasing community pushback and would rather use its capital elsewhere.

Wynn had partnered with Related Co. to develop an integrated casino resort in Manhattan's posh Hudson Yards neighborhood.

On Monday, Wynn said the company would rather deploy capital in share buybacks than "invest in an area in which we, or any casino operator, will face years of persistent opposition despite our willingness to employ 5,000 New Yorkers.”

According to a Bloomberg News report, New York City Council Member Erik Bottcher said on Monday that he would not support a casino at the site.

Wynn was one of several companies competing for one of three expected casino licenses in the greater New York City area. Las Vegas Sands recently withdrew from the race.

Soloviev Group has reportedly proposed letting local residents invest in its project, while Steve Cohen’s $8 billion casino plan near Citi Field cleared a key legislative hurdle last month.

Earlier this month, Wynn reported a drop in sales and profit in the last quarter, signaling a pullback in visits to its luxury casinos and resorts.

Investors and fans are closely watching the company's expansion in the United Arab Emirates, where its first property will open in 2027.

On Stocktwits, the retail sentiment held in the 'bearish' territory.

Several users posted about the company’s plan to withdraw from New York, with one saying, "I am glad I got out of Wynn before news came out."

Wynn shares are up 12% this year.

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